All Forum Posts by: Joseph Graeve

Hey @Robert Thompson

Like Charlie said, it might be better idea to do a cash out refinance or HELOC and then use that cash to put a downpayment on the new house. You should be able to qualify for a new mortgage since you have rented the house out for the last two years because you can use that rental income as personal income.

What kind of house are you looking to buy in North Carolina? is it a great deal? is the Colorado one doing well or poorly?

A lot of hard money lenders advertise on Craigslist and google so start with there. For craigslist in the real estate and financial sections. And then also try your local REIA's.

@Steven Silva

I like your persistence. A lot of people might get scared by this deal and they might be right. It may be tight, definitely don't make a habit of doing deals this tight all the time but believing you can do it is half the battle. the 2nd half is working with the contractor to shave that 45k down to 35k or seeing if he will take a back end cut for at cost renovations.

Anyways definitely keep  running ideas past this website. I did early on with a few deals and got destroyed similar to how you just did about everything I hadn't taken into account and how bad of a deal it was. I don't think I ended up doing that deal but it did teach me a lot about all the things I was missing. That's why I love this website, nobody is afraid to tell you their opinion, and a lot of people here are realists/pessimists hahaha so it works out great for getting feedback

Keep up  the hustle.

Feel free to reach out if you have any other  questions.

Hey @Matt Ashton

I am in the military as well and stationed here at Schriever AFB.

I do a lot of investing in Colorado Springs and Denver, mainly fix and flips and have a few lease option single family homes.

How are you doing your learning. Have you read the books: Millionaire real estate investor and ABC's of real estate investing? great books. also anything by trump on the subject of real estate, especially the ones on audible where he narrates.

Id love to meet up and discuss strategies. @Daniel Eisman maybe we can combine our meeting and all meet up. What the hell, we'll just start a REIA while were at it.

Is this deal in Morrison?

I have some quotes for new builds around Denver and they come in at around $130-$140 per sqft. That was for a small 1000 sqft house in commerce city.

Cabin kit home would definitely be cheaper, but depending on the area you might be shooting yourself in the foot as far as future value goes.

Hey @Brittany Roley
It depends on how they calculated your preapproval for 417k. If they only factored in your fiancée and your income but not your mortgage payment on your house, then you probably wont be able to qualify for the 417k after all. Solution - you have to sell in order to get that downpayment money and qualify.

However if they did in fact take into account your mortgage debt and you both still qualify for 417k then you could do something like a HELOC, 2nd mortgage, or just refinance to get cash out, without selling. This would also allow you to start renting it out and have someone else pay down your principal for you.

Let me know if I answered your question and if you have any more.

@Brie Schmidt
It is in Riverdale, IL 60827

Thanks for the reply

Hey @Kyle Myers

One way to increase your cashflow if you are considering keeping it as a rental is to either lease option it and justly charge a little more than average market rent. another way is to househack without living in it. ie. rent it out room by room instead of the whole house. You might make this easier by making the one who lives in the master a very trustworthy tenant and giving them a discount on their rent in exchange for handling everything as a property manager.

Like @Bill S. said, good job taking action and now that you have those assets you can tweak them as necessary to make them cashflowing assets.

Let me know if you need help setting up a lease option or room rentals as ive done both of them in Colorado Springs.

Hey @Satya Wimbish

Great job starting and going full force into this already building your team and taking action.

Definitely keep your education up, its the most important thing there is in this business. your ability to keep growing and learning.

I have been investing in fix and flips in Colorado springs and Denver here for a little and have learned quite a bit.

Id be happy to share what I've learned and help you with your progress any way I can.

@Ricky Segarra

I love your enthusiasm and motivation. You will find that if you carry that enthusiasm throughout your investing career and combine it with your thirst for knowledge so many people will be drawn to you for your expertise.

I do quite a few partnerships with other investors throughout Colorado and would love to meet up. I would be happy to answer any questions you have about Colorado or beginning in investing. I specialize in fix and flips in the Denver and Colorado Springs area, so let me know if you're interested in learning more about those markets.

Keep Hustling!